Apparel Group and myZoi Forge Partnership to Drive Financial Inclusion for Over 4,000 Underbanked Employees

2024-05-19 01:35:33 Business

675

In a significant announcement made at the Dubai Fintech Summit, Apparel Group, a leading global fashion and lifestyle retail conglomerate, and myZoi, a pioneering fintech incubated at SC Ventures, unveiled a strategic partnership set to redefine financial inclusion for low-income employees. This collaboration will deliver advanced digital payroll solutions and comprehensive financial literacy programs, directly benefiting over 4,000 employees of Apparel Group. The initiative was jointly announced by Syed Muhammad Ali, CEO of myZoi, and Neeraj Teckchandani, CEO of Apparel Group, marking a major step forward in leveraging financial technology to enhance workforce empowerment.

MyZoi, which has secured crucial licensing from the Central Bank of the UAE, including Stored Valued Facilities, Retail Payments Services, and Card Schemes licenses, is positioned to dramatically improve financial access and education for Apparel Group's employees. This partnership not only addresses immediate payroll processing efficiencies but also aims at a broader impact, including improved financial wellbeing and security for a significant segment of Apparel Group's workforce.

Neeraj Teckchandani, CEO of Apparel Group, said: "As leaders in the retail sector, we recognize our responsibility to not only drive business success but also foster substantial social change. This partnership with myZoi represents a transformative leap towards creating a more financially inclusive ecosystem. By equipping our team with essential financial skills and tools, we are investing in their future, ensuring they have the opportunities and resources necessary to prosper. We are proud to lead the charge in this critical aspect of social sustainability, aiming to inspire and ignite similar initiatives across industries."

Syed Muhammad Ali, CEO of myZoi said: "We're thrilled to welcome such a reputable and purpose driven partner on board who shares our mission of bringing simple, affordable, and safe financial solutions to employees that are under or unbanked. We're excited to work on this agenda together and extend our financial solutions to Apparel's employees and their families as we work together toward implementing the solution in the near future".

The partnership reinforces Apparel Group's commitment to its Environmental, Social, and Governance (ESG) goals, specifically focusing on enhancing economic inclusion and setting industry benchmarks in social responsibility through innovative financial technology
For further information:
Asmik Akopyan
Head of Brand and Marketing
E-mail: asmik@myzoi.life
About myZoi
myZoi is committed to promote financial inclusion of every underbanked individual globally through tailored financial services, elevating their living standards over time. Headquartered in the UAE, myZoi is a wholly owned subsidiary of Standard Chartered Bank and a fintech backed by SC Ventures - the Bank's innovation, fintech investment and ventures arm.
About Apparel Group LLC
Apparel Group is a global fashion and lifestyle retail conglomerate residing at the crossroads of the modern economy - Dubai, United Arab Emirates. Today, Apparel Group caters to thousands of eager shoppers through its 2200+ retail stores and 85+ brands on all platforms while employing over 22,000+ multicultural staff.
Apparel Group has carved its strong presence in the GCC and expanded thriving gateways to market in India, South Africa, Singapore, Indonesia, Thailand, Malaysia, and Egypt. Additionally, clear strategies are in place to enter emerging markets such as Hungary and Philippines.
Apparel Group has created an omni-channel experience, operating brands originating from the USA, Canada, Europe, Australia, and Asia. The brands include leading names in fashion, footwear, and lifestyles such as Tommy Hilfiger, Charles & Keith, Skechers, Aldo, Nine West, Aeropostale, Jamie's Italian, Tim Hortons, Cold Stone Creamery, Inglot, and Rituals.
Apparel Group owes its amazing growth to the vision and guidance of its dynamic Founder and Chairwoman, Mrs. Sima Ganwani Ved, who has taken the company from strength to strength since its inception in the last two decades.
https://apparelglobal.com/en/
About SC Ventures
SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models.
For more information, please visit www.scventures.io and follow SC Ventures on LinkedIn.
About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world's most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges. For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn, Instagram and Facebook.